Ireland-based industrial manufacturing company Ingersoll-Rand PLC has made a binding offer to purchase U.S. energy technology company Precision Flow Systems for $1.45 billion.

Ingersoll-Rand is buying the company from funds advised by London-based investment firm BC Partners Advisors L.P. and private equity major Carlyle Group.

Ingersoll said that the planned purchase of Precision Flow will advance the strategic development of its Fluid Management business in the company’s Industrial segment, while significantly diversifying and advancing Ingersoll’s product portfolio.

The company added that the deal aligns well with its focus on consistent, top quartile performance in revenue, margins and cash flow, and is compelling both strategically and financially for its customers and its shareholders.